BOSTON–JLL announced that it has closed the $19 million sale of a 64,227-square-foot, freestanding, single-tenant retail center fully leased to Price Chopper in the Worcester-area community of Shrewsbury, MA.
JLL marketed the property on behalf of the seller, an entity represented by Nigro Companies, a multi-faceted commercial real estate development and management company with properties throughout upstate New York and Massachusetts. Coventry Crossing, LLC purchased the asset.
Completed in 2010, the property is triple net leased to Price Chopper, a family-owned grocery chain that operates mainly in New York, Vermont, Connecticut, Pennsylvania, Massachusetts and New Hampshire. The property is situated on 10.79 acres at 733 Boston Turnpike in Shrewsbury, which is in Eastern Massachusetts between Worcester, the second largest city in New England, and the Route 495 Corridor More than 133,000 residents earning an average annual household income of about $99,000 live within a three-mile radius of the center.
The JLL Capital Markets team representing the seller included senior managing director James Koury and director Kellie Coveney. Coventry Crossing, LLC was represented by David N. Ross of Hunneman.